Standalone Medical Office
For Sale
$825,000
620 N Alpha St, Grand Island, NE 68803
Standalone medical office building on a corner lot with private parking and exam-room and imaging support areas.
Property Size5,531 SF
Price / SF$149.16
Days on Market240
Property Features for 620 N Alpha St
General Information
Standard status
Active
Size
5,531 SF
Taxes and HOA fees
Annual Taxes
$9,823
Listing Agency:
Berkshire Hathaway HomeServices Da-Ly Realty
(308) 384-1101
Listed By:
Jimmy Reed · License #20160460
(308) 380-6976
Source:
Exprealty
Added: Feb 24
Changed: Oct 13
Last Checked: Oct 20 at 9:30PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Berkshire Hathaway HomeServices Da-Ly Realty
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Investment Insights
Based on property information with market context.
Highly visible standalone medical office building on a prominent corner lot with private on-site parking. The property is currently configured for medical office use and includes a welcoming lobby with tall ceilings. Interior improvements feature a centrally located lab area with six pass-through medical exam rooms, as well as one large X-ray room and an additional consultation room.
The space also provides six offices and a large reception desk area, with four private restrooms and two public restrooms. A partially finished basement adds additional storage and functional space.
A lease option is available.
The space also provides six offices and a large reception desk area, with four private restrooms and two public restrooms. A partially finished basement adds additional storage and functional space.
A lease option is available.
Key Highlights
- Standalone medical office building on a prominent corner lot with private on‑site parking
- Currently configured for medical office use with a welcoming lobby featuring tall ceilings
- Central lab area with 6 pass‑through medical exam rooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$72,671
Cap Rate
8.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,453,420
$1.5M
Cap Rate 7%
$1,038,157
$1.0M
Cap Rate 9%
$807,456
$807.5K
Market Conditions
NOI Build-Up for 5,531 SF
Gross rent
$132.1K $23.88/SF
− Vacancy
−$11.0K −$1.98/SF
EGI
$121.1K $21.90/SF
− OpEx
−$48.4K −$8.76/SF
NOI
$72.7K $13.14/SF
Area
Hall County, NE
Vacancy
8.30%
Lease Rate
$23.88 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,453,420
Cap Rate 7%
$1,038,157
Cap Rate 9%
$807,456
Alternative Uses
Best Use
Healthcare Medical
$1.04M
$908.4K – $1.21M
NOI $72,671 @ 7.0% cap · market cap 8.81%
Second Best
Office B
$1.04M
$907.2K – $1.21M
NOI $72,579 @ 7.0% cap · market cap 8.80%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,894 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,039
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 68803, NE
26,487
Population
11,188
Households
2.4
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
86.9 sq mi
ZIP Area
305
Density / Sq Mi
$70,040
Median Household Income
$44,795
Median Earnings
$888
Median Rent
$224,100
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- Pet Hospital — 524 S Webb Rd, Grand Island, NE 68803
- Grand Island Veterinary Hospital — 512 S Webb Rd, Grand Island, NE 68803
Frequently Asked Questions
What type of property is this?
Medical Office Space - Standalone medical office building on a corner lot with private parking and exam-room and imaging support areas.
Where is this medical office space located?
The property is located at 620 N Alpha St Grand Island, NE.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Standalone medical office building on a prominent corner lot with private on‑site parking; Currently configured for medical office use with a welcoming lobby featuring tall ceilings; Central lab area with 6 pass‑through medical exam rooms
